• Whales have accumulated over 950,000 ETH, signaling strong confidence in its long-term potential.
• ETH’s key support at $3,044 held firm as analysts eyed $5,000 as the next major price target.

Ethereum [ETH] continued to draw significant interest from major investors, with whales accumulating over $1 billion in ETH in recent months.

This influx of capital has supported Ethereum’s price recovery, but the critical question remains: Can this accumulation drive ETH toward a $5,000 price target?

Ethereum whale accumulation drives bullish sentiment

According to a recent analysis of Santiment, there has been a clear trend of whale activity in the Ethereum market.

Over the past six months, addresses holding between 1,000 and 10,000 ETH accumulated a total of 620,000 ETH between late July and early August, coinciding with Ethereum’s price rally from $2,400 to $4,000.

More recently, another accumulation phase saw whales scoop up an additional 330,000 ETH, bolstering its position as it traded around $3,193.

The chart highlighted a consistent pattern — whale accumulation often precedes significant price rallies. This buying behavior suggests growing confidence in ETH’s long-term potential.

Network growth and activity show mixed signals

Analysis of Ethereum’s network growth shows fluctuations in the number of new addresses interacting with the blockchain.

While growth peaked in December, reaching 181,000 new addresses, a sharp decline to 52,200 addresses by the 23rd of January indicated a slowdown in adoption.

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Author: Adewale Olarinde